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Sat 10 Mar 2012 12:26 PM

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Saudi shares open higher as index adds 1.1%

Petrochemical and banking stocks lead gains in early trading, boosted by oil price rise

Saudi shares open higher as index adds 1.1%

Saudi shares opened higher on Saturday, lifted by gains
in petrochemical and banking stocks after oil prices rose on
Friday.

Oil prices rose on Friday for a third straight day and also
posted weekly gains as data showing rising US employment
countered pressure from a stronger dollar and fading euphoria
from Greece's debt swap deal.

The all-share gained 1.1 percent to 7,454 points and
the petrochemical index added 1.1 percent to 6,911
points.

Petrochemical giant Saudi Basic Industries (SABIC)
gained 1.2 percent in early trade while the banking sector added 0.7 percent.

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